The last couple of years have brought considerable change to the data analytics and artificial intelligence (AI) market. Companies such as Alteryx and Tableau have been involved in mergers, acquisitions and privatization. Substantial use of open-source language has increased pressure on fundamental analytics technologies, and startups have been through harsh lessons, often without reaching stable business models. Moreover, the swift adoption of generative AI has incited organizations to question if they are doing enough to stay competitive.
In light of these uncertainties, careful thought should be given to the data analytics partnerships that companies form. Big questions are whether the technologies chosen can withstand time, whether costs are acceptable at larger scales, whether growth can match increasing data usage, and whether partners can provide support during difficult times.
When selecting data and AI technology, organizations should choose providers that can oversee the complete process, from start to finish. These could include facilities for data prep and extraction-transform-load (ETL) capabilities, autoML, auto forecasting, auto feature engineering, and generative AI tuning. They could also support model development, workload coordination, data visualization, and multi-language analytics. Also, using a single technology partner for all these elements is usually more effective and efficient.
Optimally, software partners should not only offer the range of services but also help to empower everyone in an organization, not just those with specialized data skills. No-code and low-code tools can enable non-data team members to complete the routine tasks that often consume about 80% of a data team’s time.
When it comes to business approaches, organizations need vendors that are proven and stable in addition to technologically competent. This importance stems from the critical role of data in today’s leading organizations, where delays due to instability can jeopardize both immediate and future success. Stable data partners with substantial domain expertise and excellent customer service capabilities can help mitigate daily uncertainties. Given current market uncertainties, the pricing and value provided by partners also become major concerns. The preferred partners should provide increasing value with an increasing utilization of their services.
Navigating today’s uncertain data and AI market can be challenging, and Altair’s Future.Industry 2024 virtual event is designed to discuss the future of frictionless data and AI, helping organizations tackle this challenge.
